Pro tip: my brother's advice about co-signing a loan was dead wrong

My brother Josh told me last year that co-signing for his truck loan was "just a formality" and wouldn't affect my credit score. Fast forward 6 months - he missed two payments and the bank came after me for $4,200. I had no idea they could garnish my wages without even telling me first. Has anyone else had a family member mess up their credit like this?

2 comments

2 Comments

janaw1115d ago

Wait, they can just take money from your paycheck without any warning? That is seriously messed up, I thought you had to go to court for that.

robert_craig15d ago

$4,200 is a brutal way to learn that lesson. Honestly, co-signing is basically signing up to be their financial babysitter with zero of the fun parts.